Switzerland Hopes To Relax FinTech Regulations, Boost Competition

Finextra reported that Switzerland’s Federal Council is attempting to ease regulations on FinTech firms by the beginning of next year. The council has introduced a three-point plan it hopes will increase competition in the nation’s financial sector.

The new plan will allow the Swiss Financial Market Supervisory Authority (FINMA) to introduce a less stringent license to firms in deposit taking. It will also allow firms that accept deposits up to 1 million Swiss francs to be free from FINMA monitoring. It further plans to impose a deadline of 60 days for money held in settlement accounts. The council noted this last point is particularly relevant for crowdfunding providers.

The plan will also address the treatment of virtual currencies and assets.